TruGolf Holdings Financials
This page shows TruGolf Holdings (TRUG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Fresh financing and working-capital release kept liquidity intact while core unit economics weakened and losses remained cash-consuming.
The least obvious shift is that cash burn improved even as reported losses deepened: operating cash outflow narrowed to-$1.7M while net loss widened to-$15.2M , helped by more noncash expense and less cash tied up in inventory and receivables. That means the income statement deteriorated faster than the cash account did, so the latest year reads more like a recapitalized balance-sheet reset than a clean operating recovery.
The operating problem started before overhead: gross margin compression from
The balance sheet looks less strained on the surface because equity turned positive and the current ratio moved back above 1.0x, but that improvement was financed rather than earned. Cash rose to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of TruGolf Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
TruGolf Holdings has an operating margin of -32.3%, meaning the company retains $-32 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -9.6% the prior year.
TruGolf Holdings's revenue declined 13.6% year-over-year, from $21.9M to $18.9M. This contraction results in a growth score of 26/100.
TruGolf Holdings carries a low D/E ratio of 0.52, meaning only $0.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
TruGolf Holdings's current ratio of 1.07 is below the typical benchmark, resulting in a score of 16/100. However, the company holds substantial cash reserves (73% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While TruGolf Holdings generated -$1.7M in operating cash flow, capex of $205K consumed most of it, leaving -$1.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
TruGolf Holdings generates a -354.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
TruGolf Holdings passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, TruGolf Holdings generates $0.11 in operating cash flow (-$1.7M OCF vs -$15.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
TruGolf Holdings earns $-9.2 in operating income for every $1 of interest expense (-$6.1M vs $663K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
TruGolf Holdings generated $18.9M in revenue in fiscal year 2025. This represents a decrease of 13.6% from the prior year.
TruGolf Holdings's EBITDA was -$5.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 175.9% from the prior year.
TruGolf Holdings reported -$15.2M in net income in fiscal year 2025. This represents a decrease of 73.1% from the prior year.
TruGolf Holdings earned $-51.39 per diluted share (EPS) in fiscal year 2025. This represents an increase of 86.4% from the prior year.
Cash & Balance Sheet
TruGolf Holdings generated -$1.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 52.8% from the prior year.
TruGolf Holdings held $10.5M in cash against $2.3M in long-term debt as of fiscal year 2025.
Margins & Returns
TruGolf Holdings's gross margin was 50.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 13.1 percentage points from the prior year.
TruGolf Holdings's operating margin was -32.3% in fiscal year 2025, reflecting core business profitability. This is down 22.7 percentage points from the prior year.
TruGolf Holdings's net profit margin was -80.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 40.4 percentage points from the prior year.
TruGolf Holdings's ROE was -354.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
TruGolf Holdings invested $205K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 465.4% from the prior year.
TRUG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0M-1.0% | $5.1M+23.6% | $4.1M-4.8% | $4.3M-20.0% | $5.4M-20.0% | $6.7M+8.0% | $6.2M+61.0% | $3.9M |
| Cost of Revenue | $2.3M-40.1% | $3.9M+210.0% | $1.3M-47.5% | $2.4M+33.3% | $1.8M-18.8% | $2.2M+15.3% | $1.9M+48.0% | $1.3M |
| Gross Profit | $2.7M+102.8% | $1.3M-53.5% | $2.8M+48.9% | $1.9M-44.4% | $3.4M-12.8% | $3.9M-8.6% | $4.3M+67.6% | $2.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $3.2M+38.2% | $2.3M-31.0% | $3.3M+26.6% | $2.6M-3.2% | $2.7M+118.2% | $1.2M-20.9% | $1.6M-21.8% | $2.0M |
| Operating Income | -$1.3M+31.3% | -$1.9M-69.3% | -$1.1M+40.5% | -$1.9M-51.5% | -$1.2M+1.0% | -$1.2M-242.9% | $872K+211.1% | -$785K |
| Interest Expense | $207K+120.7% | -$1.0M-1024.2% | $108K-92.9% | $1.5M+3798.3% | $39K+102.9% | -$1.3M-238.3% | $971K+18.3% | $821K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.4M+26.1% | -$2.0M+73.1% | -$7.3M-119.1% | -$3.3M-24.4% | -$2.7M+54.5% | -$5.9M-9645.0% | -$60K+96.2% | -$1.6M |
| EPS (Diluted) | $-2.75 | N/A | $-4.87 | N/A | $-44.24 | N/A | $0.00+100.0% | $-0.12 |
TRUG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.6M-2.9% | $20.2M-12.2% | $23.0M-5.6% | $24.4M+17.6% | $20.7M+20.9% | $17.1M+0.6% | $17.0M+21.1% | $14.1M |
| Current Assets | $14.4M-7.1% | $15.5M-19.2% | $19.2M-8.7% | $21.0M+15.1% | $18.2M+23.3% | $14.8M+2.6% | $14.4M+22.8% | $11.7M |
| Cash & Equivalents | $8.8M-15.6% | $10.5M-8.4% | $11.4M+41.9% | $8.1M-23.4% | $10.5M+19.7% | $8.8M+17.8% | $7.5M+12.0% | $6.7M |
| Inventory | $1.4M+57.6% | $863K-67.7% | $2.7M-0.8% | $2.7M-30.0% | $3.9M+64.0% | $2.3M+1.1% | $2.3M-0.5% | $2.3M |
| Accounts Receivable | $1.3M+24.0% | $1.1M-52.8% | $2.2M+2.8% | $2.2M+38.4% | $1.6M+12.9% | $1.4M-69.2% | $4.5M+72.7% | $2.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $17.1M+7.6% | $15.9M-5.1% | $16.7M-16.5% | $20.0M-20.7% | $25.3M+16.1% | $21.8M-20.1% | $27.3M+10.9% | $24.6M |
| Current Liabilities | $15.7M+8.7% | $14.4M-4.0% | $15.0M-17.4% | $18.2M-0.2% | $18.2M+15.4% | $15.8M-2.3% | $16.2M+36.9% | $11.8M |
| Long-Term Debt | $2.3M0.0% | $2.3M-29.1% | $3.2M-3.6% | $3.3M-7.5% | $3.6M0.0% | $3.6M+26.7% | $2.8M+53.6% | $1.8M |
| Total Equity | $2.5M-41.7% | $4.3M-31.3% | $6.3M+45.1% | $4.3M+194.5% | -$4.6M+1.6% | -$4.6M+57.5% | -$10.9M-3.8% | -$10.5M |
| Retained Earnings | -$44.5M-8.3% | -$41.1M-11.6% | -$36.8M-35.6% | -$27.1M-13.9% | -$23.8M-12.6% | -$21.2M-38.3% | -$15.3M-0.4% | -$15.2M |
TRUG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$122K-143.6% | $280K+144.9% | -$624K+31.1% | -$905K-101.6% | -$449K+93.6% | -$7.1M-1650.5% | $456K+965.9% | -$53K |
| Capital Expenditures | $78K-27.2% | $107K+106.5% | $52K+386.0% | -$18K-128.4% | $64K | N/A | N/A | N/A |
| Free Cash Flow | -$200K-216.1% | $173K+125.5% | -$676K+26.8% | -$924K-79.9% | -$513K | N/A | N/A | N/A |
| Investing Cash Flow | -$1.1M-21.3% | -$943K-7.3% | -$879K+31.3% | -$1.3M-282.5% | -$335K-112.4% | $2.7M+607.2% | -$534K+51.5% | -$1.1M |
| Financing Cash Flow | -$366K-21.0% | -$303K-106.2% | $4.9M+1900.3% | -$271K-110.8% | $2.5M-67.7% | $7.8M+785.9% | $879K+4310.0% | -$21K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TRUG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.4%+27.4pp | 26.1%-43.3pp | 69.3%+25.0pp | 44.4%-19.4pp | 63.8%+5.3pp | 58.5%-10.6pp | 69.2%+2.7pp | 66.4% |
| Operating Margin | -25.8%+11.4pp | -37.1%-10.0pp | -27.1%+16.3pp | -43.4%-20.5pp | -22.9%-4.4pp | -18.5%-32.5pp | 14.0%+34.3pp | -20.3% |
| Net Margin | -28.8%+9.8pp | -38.6%+138.7pp | -177.3%-100.2pp | -77.0%-27.5pp | -49.5%+37.5pp | -87.0%-86.1pp | -1.0%+39.6pp | -40.5% |
| Return on Equity | -57.7%-12.2pp | -45.5%+70.8pp | -116.3%-39.3pp | -77.0% | N/A | N/A | N/A | N/A |
| Return on Assets | -7.4%+2.3pp | -9.7%+22.0pp | -31.7%-18.0pp | -13.6%-0.8pp | -12.9%+21.3pp | -34.2%-33.9pp | -0.4%+10.8pp | -11.2% |
| Current Ratio | 0.92-0.2 | 1.07-0.2 | 1.28+0.1 | 1.16+0.2 | 1.00+0.1 | 0.94+0.0 | 0.89-0.1 | 0.99 |
| Debt-to-Equity | 0.90+0.4 | 0.52+0.0 | 0.51-0.3 | 0.76+1.5 | -0.78-0.0 | -0.77-0.5 | -0.26-0.1 | -0.17 |
| FCF Margin | -4.0%-7.4pp | 3.4%+19.9pp | -16.5%+5.0pp | -21.4%-11.9pp | -9.5% | N/A | N/A | N/A |
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Frequently Asked Questions
What is TruGolf Holdings's annual revenue?
TruGolf Holdings (TRUG) reported $18.9M in total revenue for fiscal year 2025. This represents a -13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TruGolf Holdings's revenue growing?
TruGolf Holdings (TRUG) revenue declined by 13.6% year-over-year, from $21.9M to $18.9M in fiscal year 2025.
Is TruGolf Holdings profitable?
No, TruGolf Holdings (TRUG) reported a net income of -$15.2M in fiscal year 2025, with a net profit margin of -80.7%.
What is TruGolf Holdings's EBITDA?
TruGolf Holdings (TRUG) had EBITDA of -$5.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does TruGolf Holdings have?
As of fiscal year 2025, TruGolf Holdings (TRUG) had $10.5M in cash and equivalents against $2.3M in long-term debt.
What is TruGolf Holdings's gross margin?
TruGolf Holdings (TRUG) had a gross margin of 50.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is TruGolf Holdings's operating margin?
TruGolf Holdings (TRUG) had an operating margin of -32.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is TruGolf Holdings's net profit margin?
TruGolf Holdings (TRUG) had a net profit margin of -80.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is TruGolf Holdings's return on equity (ROE)?
TruGolf Holdings (TRUG) has a return on equity of -354.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is TruGolf Holdings's free cash flow?
TruGolf Holdings (TRUG) generated -$1.9M in free cash flow during fiscal year 2025. This represents a 52.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TruGolf Holdings's operating cash flow?
TruGolf Holdings (TRUG) generated -$1.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are TruGolf Holdings's total assets?
TruGolf Holdings (TRUG) had $20.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are TruGolf Holdings's capital expenditures?
TruGolf Holdings (TRUG) invested $205K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is TruGolf Holdings's current ratio?
TruGolf Holdings (TRUG) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.
What is TruGolf Holdings's debt-to-equity ratio?
TruGolf Holdings (TRUG) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TruGolf Holdings's return on assets (ROA)?
TruGolf Holdings (TRUG) had a return on assets of -75.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is TruGolf Holdings's cash runway?
Based on fiscal year 2025 data, TruGolf Holdings (TRUG) had $10.5M in cash against an annual operating cash burn of $1.7M. This gives an estimated cash runway of approximately 74 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is TruGolf Holdings's Piotroski F-Score?
TruGolf Holdings (TRUG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TruGolf Holdings's earnings high quality?
TruGolf Holdings (TRUG) has an earnings quality ratio of 0.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can TruGolf Holdings cover its interest payments?
TruGolf Holdings (TRUG) has an interest coverage ratio of -9.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is TruGolf Holdings?
TruGolf Holdings (TRUG) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.